Should I replace any schemes in my mutual fund portfolio?

Here is my portfolio and all my schemes are in regular plans:
Axis Long Term Equity Fund: SIP of Rs 2,000 since 2014
Franklin India Ultra Short Bond Fund: SIP of Rs 3,000 since 2018
Franklin India Taxshield Fund: SIP of 2,000 since 2014
Invesco India Contra Fund:SIP of Rs 2,000 since 2018
Aditya Birla Sun Life Tax Relief 96 Fund: SIP of Rs 2,000 since 2018

Portfolio of my wife:
Axis Focused 25 Fund
Mirae Asset Large Cap Fund
Motilal Oswal Multicap 35 Fund
Mirae Asset Emerging Bluechip Fund

I have few goals
Rs 10 lakh in 2035 for child education
Rs 30 lakh in 2042 for child's marriage
Rs 1.5 crore in 2050 for retirement

Is this portfolio good? Should I replace any scheme? Or should I increase SIP in existing ones? I am planning to invest extra Rs 8,000 (Rs 4,000 each in two schemes).

Also, I have health insurance of Rs 10 lakh separately, Rs 8 lakh from my company, term insurance of Rs 1 crore. LIC jeevan Anand Policy for which I haven't paid premium this year, will be surrendering it soon which will fetch me Rs 95,000.
---Abhinav Sharma

Gaurav Monga, Director, PxG Consultants, responds:

To create a corpus for the goals mentioned, you need to make the following monthly investment
For child education (Rs 10 lakh): Monthly investment of around Rs 2,200
For child's marriage (Rs 30 lakh): Monthly investment of around Rs 2,700
For retirement (Rs 1.5 crore): Monthly investment of around Rs 5,400

The calculation is done assuming 11% annual returns, which is a moderate assumption as equities are expected to deliver between 11-14% in the long run. Since you have a very long investment horizon, equity is the right asset class. Currently, your portfolio has five funds. Four funds out of the five are equity schemes and within equity you are investing in three tax savings schemes. If tax saving is the requirement, you should continue with the tax saving schemes. Otherwise, you can shift to non-tax saving multi cap schemes. If you have already exhausted the Rs 1.5 lakh limit in one scheme, then you don't need two more. Further, you are also investing in a debt fund (Franklin), it is being assumed that you are investing in it to maintain liquidity in the portfolio. If so, you can continue with it.

For the additional investment of Rs 8,000, you can choose these two schemes: Mirae Asset Emerging Bluechip Fund and Kotak Standard Multicap Fund.